The Editorial Team |

Hive Switches From Mining Gold to Bitcoin — Surges Six-Fold

LAGOS (Capital Markets in Africa) – Frank Giustra, the Canadian mining maverick who amassed a fortune building what would become one of the world’s largest gold companies, is digging for another kind of gold: cryptocurrencies. The company he’s backed, Vancouver-based Hive Blockchain Technologies Inc., is among the first publicly traded stocks to provide exposure to crypto mining — the vast data crunching needed to verify the blockchain and the volatile currencies they produce like bitcoin and…

Bank of Baroda Is Said to Be Probed in S. Africa Over Guptas

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – India’s Bank of Baroda is being investigated by South Africa’s central bank over money held for companies controlled by the politically connected Gupta family, according to a person familiar with the matter. The South African Reserve Bank’s probe, which comes after it fined the bank in June for not doing enough to combat financial crime, was sparked after the Organisation Undoing Tax Abuse alleged in court papers that mine-rehabilitation funds held for two of…

Alexander Forbes Weighs Deals Involving 22 African Targets

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Alexander Forbes Group Holdings Limited, a South African provider of retirement, investment and insurance services, said it is sifting through 22 potential targets for deals on the continent as part of an expansion drive to accelerate profit growth. The deals range from small acquisitions and partnerships to “meaningful game changers,” mainly in South Africa, Nigeria, Ghana, Kenya and Morocco, Chief Executive Officer Andrew Darfoor said in an interview at Bloomberg’s Johannesburg offices…

Political Crisis With No Clear End Grinds Down Kenya Economy

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Joyce Njeri stands outside her clothes boutique in Nairobi, Kenya’s capital, trying to entice a handful of passers-by to look at the clothes she has for sale. There aren’t many takers. Commerce in Nairobi’s central business district already started tailing off before presidential elections on Aug. 8 that the Supreme Court annulled following vote-rigging allegations. It’s slowed dramatically during the twice-weekly protests the opposition called to demand an overhaul…

Nigerian Bank Just Sold Most Expensive Emerging-Market Bond

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s Fidelity Bank Plc sold the highest-yielding Eurobond from emerging markets this year, joining a rush for issuance before higher U.S. interest rates push up borrowing costs. The mid-sized Lagos-based lender issued $400 million of five-year securities with a 10.75 percent yield on Wednesday, according to a person familiar with the matter who asked not to be identified. The deal initially had guidance of about 11 percent, said the person. Fidelity is the…

Egypt’s $18 Billion Debt Inflows Seen Peaking as Rate Cut Looms

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Foreign investors may be finally curbing their enthusiasm for Egyptian local-currency debt. After almost a year and $18 billion of purchases, some investors have allocated all they can to Egypt. The inflows from foreign funds are still growing, but the pace has slowed to an average of 2 percent a week since mid-August, down from 8 percent, as policy makers signaled they may lower record interest rates once inflation eases. The surge…

Congo Suspends Insurance Regulator Head, Stymying Industry Plans

Posted on by The Editorial Team

KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo suspended the head of the newly established insurance regulator for financial mismanagement, dealing a setback to the long-awaited liberalization of the industry. Finance Minister Henri Yav Mulang wrote to Insurance Regulatory Authority Managing Director Eric Mboma on Oct. 7 informing him that an audit had found him “guilty of several acts characteristic of bad management.” The findings were likely to result in disciplinary action,…

« 1 … 621 622 623 624 625 … 1,076 »